{"id":32824,"date":"2022-06-01T23:38:17","date_gmt":"2022-06-01T23:38:17","guid":{"rendered":"https:\/\/harchi90.com\/gop-wants-janet-yellen-gone-after-inflation-failure-admission\/"},"modified":"2022-06-01T23:38:17","modified_gmt":"2022-06-01T23:38:17","slug":"gop-wants-janet-yellen-gone-after-inflation-failure-admission","status":"publish","type":"post","link":"https:\/\/harchi90.com\/gop-wants-janet-yellen-gone-after-inflation-failure-admission\/","title":{"rendered":"GOP wants Janet Yellen gone after inflation failure admission"},"content":{"rendered":"<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Conservative lawmakers and commentators have called for Treasury Secretary Janet Yellen to be fired or resign after she admitted in an interview Tuesday evening that she was \u201cwrong\u2026 about the path that inflation would take\u201d &#8211; as annual price increases reach levels not seen in 40 years . <\/p>\n<p>During a sitdown with CNN&#8217;s Wolf Blitzer, Yellen was played a clip from March 2021, when she told ABC&#8217;s \u201cThis Week\u201d: \u201cIs there a risk of inflation?  I think there&#8217;s a small risk, and I think it&#8217;s manageable. &#8220;<\/p>\n<p>In a second clip, from May of that year, Yellen said: &#8220;I don&#8217;t anticipate that inflation is going to be a problem, but it is something that we&#8217;re watching very carefully&#8221; during an event hosted by the Wall Street Journal .<\/p>\n<p>&#8220;Was it a mistake, Madam Secretary, to downplay this inflation risk?&#8221;  Blitzer asked Tuesday.  &#8220;Did that contribute to the problems we&#8217;re all seeing right now?&#8221;<\/p>\n<p>\u201cWell, look, I think I was wrong then about the path that inflation would take,\u201d Yellen answered.  &#8220;As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, that I at the time didn&#8217;t fully understand.  But we recognize that now. &#8220;<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><figcaption>\u201cI don&#8217;t anticipate that inflation is going to be a problem,\u201d Janet Yellen said back in May 2021.<\/figcaption><figcaption><span class=\"credit\">CNN<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large is-style-default\"><img loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-08.jpg?resize=1024%2C682&#038;ssl=1\" alt=\"Groceries.\" class=\"wp-image-22486361\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-08.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-08.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-08.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>Supply chain bottlenecks have caused food prices to surge.<\/figcaption><figcaption><span class=\"credit\">Brendan Smialowski \/ AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>Then, in an echo of President Biden&#8217;s own statements, Yellen said inflation was the central bank&#8217;s problem now: \u201cThe Federal Reserve is taking the steps that it needs to take.  It&#8217;s up to them to decide what to do. &#8220;<\/p>\n<p>Social media users jumped on the comments, led by the Republican National Committee.<\/p>\n<p>&#8220;The same officials who were 100% wrong on inflation are still making policy on inflation for the Biden admin,&#8221; <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/TommyPigott\/status\/1531774081682620418\" target=\"_blank\">posted<\/a> RNC Rapid Response Director Tommy Pigott.  &#8220;And they wonder why Americans don&#8217;t trust Biden on inflation.&#8221;<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><img loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-07.jpg?resize=1024%2C682&#038;ssl=1\" alt=\"Federal Reserve Chairman Jerome Powell.\" class=\"wp-image-22486364\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-07.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-07.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-07.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>Janet Yellen said the Federal Reserve is now in charge of handling inflation.<\/figcaption><figcaption><span class=\"credit\">Evan Vucci \/ AP<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large is-style-default\"><img loading=\"lazy\" width=\"1024\" height=\"768\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-01.jpg?resize=1024%2C768&#038;ssl=1\" alt=\"Gas station.\" class=\"wp-image-22486377\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-01.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-01.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-01.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>Gas prices are reaching record levels across the country.<\/figcaption><figcaption><span class=\"credit\">Lucy Nicholson \/ REUTERS<\/span><\/figcaption><\/figure>\n<p>&#8220;The Biden administration finally admitted what we all already know: they were wrong about inflation,&#8221; Pigott said in a separate statement.  \u201cUnfortunately for the American people, it&#8217;s an admission that&#8217;s over 13 months too late, as inflation is now costing families over $ 500 per month.  And remember, they weren&#8217;t just wrong once, but many, many, many times.<\/p>\n<p>&#8220;It&#8217;s worth asking, will Biden finally admit he was wrong?&#8221;  the RNC rep added.  &#8220;Will there be any accountability?  And how can Americans trust the Biden administration when the same people that were so wrong are still in charge?  Answer: they can&#8217;t. &#8220;<\/p>\n<aside class=\"single__inline-module alignright\">\n\t<\/aside>\n<p>Other users were more succinct.<\/p>\n<p>\u201cCool.  Resign, \u201dThe Spectator contributing editor Stephen Miller <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/redsteeze\/status\/1531863309544136704\" target=\"_blank\">reacted to Yellen&#8217;s comment<\/a>. <\/p>\n<p>\u201cShe forgot the part about the months and months of the feds printing money, more money than God has ever seen, and paying people to stay home.<a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/SecYellen\" target=\"_blank\"> @SecYellen<\/a> respect that you admitted you were wrong but you need to resign, &#8221; <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/BlackmanForAZ\/status\/1531868736235311105\" target=\"_blank\">wrote <\/a>Arizona state Rep. Walt Blackman, who is running for Congress. <\/p>\n<p>Nevada GOP congressional candidate Noah Malgeri <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/Noah4NV\/status\/1531880100609728512\" target=\"_blank\">asked<\/a>: &#8220;[If] you actually didn&#8217;t understand this most fundamental economic principle them why are you there? &#8220;<\/p>\n<p>&#8220;&#8216;Supply chain bottlenecks&#8217; Ms. Yellen failed fully to &#8216;understand.&#8217;  Then Ms. Yellen shouldn&#8217;t be Treasury Secretary, &#8221; <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/NanHayworth\/status\/1531792556920643587\" target=\"_blank\">tweeted<\/a> former New York Congresswoman Nan Hayworth.  &#8220;Not that any other Democrat&#8217;d be better.  We need veto-proof GOP majorities in Congress, folks.  The Democrats are killing us \u2013 let&#8217;s keep that metaphorical. &#8220;<\/p>\n<figure class=\"wp-block-image size-large is-style-default\"><img loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-04.jpg?resize=1024%2C682&#038;ssl=1\" alt=\"Joe Biden.\" class=\"wp-image-22486426\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-04.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-04.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-04.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>The White House has repeatedly blamed price increases on supply chain bottlenecks caused by the COVID-19 pandemic and Russia.<\/figcaption><figcaption><span class=\"credit\">Evan Vucci \/ AP<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large is-style-default\"><img loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-02.jpg?resize=1024%2C682&#038;ssl=1\" alt=\"President Joe Biden meets with Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen.\" class=\"wp-image-22486419\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-02.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-02.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-02.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>&#8220;The same officials who were 100% wrong on inflation are still making policy on inflation for the Biden admin,&#8221; one critic posted online.<\/figcaption><figcaption><span class=\"credit\">Evan Vucci \/ AP<\/span><\/figcaption><\/figure>\n<p>At the White House Wednesday, Fox News correspondent Peter Doocy asked press secretary Karine Jean-Pierre: &#8220;When are you guys going to admit you were wrong about inflation.&#8221;<\/p>\n<p>&#8220;No easy questions today, huh?&#8221;  Jean-Pierre attempted to joke in response. <\/p>\n<p>&#8220;The Treasury Secretary says that she was wrong, so why doesn&#8217;t anybody here at the White House?&#8221;  Doocy continued. <\/p>\n<p>After reading a Treasury statement blaming &#8220;shocks to the economy that have exacerbated inflationary pressures which couldn&#8217;t have been foreseen 18 months ago,&#8221; Jean-Pierre insisted that &#8220;the president&#8217;s economic plan, as we see it, is working.&#8221;<\/p>\n<p>\u201cJust that I understand,\u201d Doocy followed up.  &#8220;The treasury secretary says that she was wrong, but the White House was not wrong about inflation?&#8221;<\/p>\n<p>\u201cFirst of all, I explained to you what she was trying to say,\u201d the press secretary said.  \u201cSo I just laid that out.  So those are your words, not my words.  I just laid out what she was trying to say and tried to explain in full, in fullness, her part di lei and her answer di lei. &#8220;<\/p>\n<p>At the time Yellen was asked about inflation on \u201cThis Week\u201d in March 2021, the annual rate of inflation stood at 1.7%.  Two months later, it had spiked to 5%.  That July, Biden said that that high inflation was \u201ctemporary\u201d and claimed it had likely reached the \u201cpeak\u201d in November, when the annual rate stood at 6.8%.<\/p>\n<p>The annual US inflation rate declined slightly to 8.3% in April after hitting a 40-year annual high of 8.5% in March, according to official data from the federal Bureau of Labor Statistics.<\/p>\n<p>The White House has repeatedly blamed price increases on supply chain bottlenecks caused by the COVID-19 pandemic, as well as Russia&#8217;s three-month-old invasion of Ukraine, which increased energy and food prices.  But critics say a surge in government spending is also to blame. <\/p>\n<p>A study released in late March by researchers at the Federal Reserve Bank of San Francisco said that in the final quarter of 2021, about 3 percentage points of inflation may have been caused by government pandemic spending.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Conservative lawmakers and commentators have called for Treasury Secretary Janet Yellen to be fired or resign after she admitted in an interview Tuesday evening that she was \u201cwrong\u2026 about the path that inflation would take\u201d &#8211; as annual price increases reach levels not seen in 40 years . During a sitdown with CNN&#8217;s Wolf Blitzer, &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/gop-wants-janet-yellen-gone-after-inflation-failure-admission\/\"> <span class=\"screen-reader-text\">GOP wants Janet Yellen gone after inflation failure admission<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":32825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[114,111,5698,645,146,4253,15948,3431],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-comp-1.jpg?ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/treasury-secretary-yellen-resignation-comp-1.jpg?quality=75&strip=all&w=1024","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/32824"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=32824"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/32824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/32825"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=32824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=32824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=32824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}